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The Saga of the pricy pet

Saga, in recent piece of research, reports that getting a pet can bring happiness, companionship and even improved health for many people.
However, the report points to the potential downsides of acquiring an animal.
These can include significant purchase costs, very large vetinary fees, losing the pet and the cost of insurance.The study also showed that 53 per cent of consumers are worried about their pet being either over or underweight, while 73 per cent hold concerns that the animal will be stolen. Meanwhile, 46 per cent of those questioned are said to be worried about the quality of boarding kennels.
Whether it is a thoroughbred dog or cat, or even a more exotic creature such as a lizard or parrot, those looking for an effective way to purchase an animal could find that a low cost personal loan proves to be of assistance. By taking out this kind of loan, borrowers could find that they can meet the cost of getting an animal quickly, leaving them with an affordable rate of repayment to make. The monetary assistance that a loan offers could also help people to take out a comprehensive insurance policy.
Whether pussy or parrot, lizard or labrador, getting your new pet pal can mean serious outlay. A personal loan could help to purchase an animal sooner rather than later, with affordable repayments whilst you enjoy the companionship. And if illness strikes when you don’t have insurance a loan could help in an emergency.

October 31, 2008 at 12:32 pm | personal loan | No comment

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Personal loans and silly people

Amazingly some people get so excited about buying their beautiful new car or their life-changing new home extension or their fabulous holiday that they don’t want to know the detail of the personal loan they’re taking out to realise their dream. Phew, unbelievable isn’t it! No chance of you or me being that silly. Oh no, we know all about the proper checklist of things to consider. We know how to evaluate an unsecured loan with our eyes shut – well obviously not fully shut but only slightly open, squinting really, just enough to read the following (not that we need to)…
How much interest will you pay over the course of the loan? Look at the TAR (total amount repayable). Obviously, the lower the better, but other factors may mean that you don’t pick the absolute cheapest loan on offer. The TAR is the most important thing to consider when choosing a loan.
Is the interest rate fixed or variable? The majority of personal loans still offer fixed rates. It’s probably best to go for this option as then you can be certain about how much you will have to pay in future.
Are there early repayment penalties? Seven out of 10 borrowers repay their loans early, yet they sometimes have to pay a penalty for doing so. Lenders are allowed to charge up to two months’ interest as an early repayment penalty. If there’s a possibility you will repay your loan early, look for a loan that won’t sting you if you do.
See if you can make lump sum overpayments during the course of your loan. Unsurprisingly, flexibility costs money and you may end up paying a higher interest rate if you go for the flexible option, but if you think you may be able to repay early, then consider this option seriously.
Obviously you should take a close look at your monthly repayments – make sure that you can meet the monthly repayments. Be careful though. It’s tempting to reduce the monthly repayments by increasing the period of the loan, but you’ll end up paying a higher total interest bill as a result.

October 29, 2008 at 10:40 am | personal loan | No comment

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Is consolidating your debts a good idea for you?

As the name suggests ‘consolidating debt’ allows you to merge all your various debts into one single loan charged at one rate.
It can make a lot of sense to do this if, for instance, you have built up debts on store cards or credit cards where the interest rate is likely to be much higher than that charged for a personal loan.
By cutting the interest rate substantially you will dramatically reduce the amount of interest you will have to pay in total and you should be able to pay off your debt more quickly. Of course consolidating your debts makes life easier as you only have one payment to make each month.
One thing to watch out for though is the tempatation to run up more debts on the cards you have just cleared!

October 27, 2008 at 10:40 am | personal loan | No comment

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Grey grates – hence great escape

In spite of the uncertain economic climate (or perhaps because of it) 15 million Britons are planning a great escape to sunnier climes over the course of this autumn and winter, according to a recent study carried out by Abbey Credit Cards.
Total spend on these holidays is expected to reach £8bn and a personal loan offers a quick and effective way to grab an impulse dose of winter sun.
The research study also revealed that western Europe – which includes locations such as the Canary Islands and southern parts of Spain – is the most popular destination for those wanting to go on a winter sun vacation. It was reported that an estimated 7.8 million Britons are looking towards going to this part of the world. Meanwhile, some 740,000 people – the equivalent of four per cent of all those set to go abroad this winter – are to jet off to Latin America, with 718,000 consumers wanting to go to Africa. It was also showed that 556,000 holidaymakers want to go to the Middle East.

October 25, 2008 at 10:40 am | personal loan | No comment

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You have landed on the moon, do not pass go, pay the banker £37bn

As you peer at the net pay figure on your monthly pay slip (willing it, without any justifiable reason, to be a bit more than last month), the Government’s decision to hand out thirty-seven thousand million pounds to the banks – yes £37,000,000,000 or £37bn if you like – may be so far removed from real life that you reach for your X-Box so you too can join the game.
But it’s happened. And it’s your money. Not that you can have any of it. But will the bail-out make you richer or poorer? Is it for better or worser?
Well, it depends on quite a lot of things. Potentially it’s good news for borrowers, homeowners who are struggling, savers and probably investors. The government wants the banks to make money available to homeowners and small businesses. It also wants people in difficulty with their mortgage repayments to be supported. Savers too need worry less about security now that the Government is underwriting their money.
But you might also think that the Government has taken a huge risk with your money as a tax payer – recovery may take a long time. And you might not relish the clampdown on competition or the hyping up of red tape and regulation that goes with greater security in the future.
Current thinking is that the massive bail-out will slowly allow banking and the economy to return to normal and that the credit crunch will fade – good news for personal loans and a more buoyant finance industry.

October 23, 2008 at 7:28 pm | personal loan | No comment

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Parental bonds know no bounds

The impulse to do the best for children appears to know no bounds. Research conducted by National Savings and Investments (NS&I) reveals that parents are putting their finances under considerable strain to make sure their kids miss out on nothing.
More than half work longer hours to boost earnings and many are falling into debt. Some admitted they simply could not resist the demands of their offspring. Although most agreed that children were not aware of the value of the money spent on them, 32 per cent actually felt it was right that children take their parents monetary support completely for granted.
Parents who have built up a number of different debts in order to finance their children’s activities may wish to consider the various options presented by a personal loan. Indeed those with numerous debts may benefit from a debt consolidation loan, where all monthly outgoings can be combined into one, more manageable, payment.
The NS&I research also found that, despite the financial pain, parents are nonetheless planning on offering financial support to their children well into adulthood. Some 24 per cent of parents said they would give funds to their kids until they were stable themselves, no matter how long it would take. Meanwhile, one-third said they would give help until the children started earning their own income.

October 16, 2008 at 6:55 pm | personal loan | No comment

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